Your Money - Save money on moving your currency where you want it. |
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I decide today to transfer for the sake of argument £10,000 ten thousand sterling pounds to Cyprus I contact Easy Banking and enter into a contract to buy Cyprus pounds. I then transfer the money to an Escrow account, as soon as it arrives there, by whichever mode I send it (which may be internet transfer, cheque, bankers draft or whichever method I find most convenient) the currency is then wired to an account in Cyprus. If you do not have an account in Cyprus, one can either be set up for you or you may draw on a holding account operated in the equivalent currency. In real terms If today's rate is 84.10 with sterlingfutures it is transferred with no commission, the bank charges 6% it is also transferred to the country, namely Cyprus in this instance, with no charges where the bank is either a min £20 swift or chaps payment + charges at both ends. so with sterlingfutures you get C£8410 but with the bank you would get only C£8349.60. So if you were buying a house for C£220,000 you will save at least £1350, that's worth it we think! Register here for a free info pack.
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